What is a digital transaction?

Better work. Happier customers. Increased revenue.

What are digital transactions?

Digital transactions can be broadly defined as online or automated transactions that take place between people and organizations—without the use of paper. Chances are that you’ve already participated in such a transaction. For instance, if you’ve purchased an item and the sales associate rang you up using an iPad rather than a cash register, you were part of a digital transaction. Or, if you sent or signed a contract online rather than using a printed paper version, you benefited from a digital transaction. In both of these cases, going digital improves the experience—it makes the transaction faster, easier, more accurate, and more convenient.

Going digital provides great benefits for companies. Digital transactions save time and money, resulting in a better bottom line. Customer experiences are also enhanced (think of the convenience of eSigning versus having to print a contract, sign it, and then return it by mail or fax). And digital transactions improve tracking capabilities—which helps reduce errors. Find out how the following industries can improve their business and stay competitive by switching to digital transactions.

Digital transactions in the banking industry

In recent years, non-bank competitors have emerged and cut into the market share traditionally maintained exclusively by banks. These non-bank competitors are subject to fewer regulatory constraints, and their entry into the market has made the transition to digital transactions a crucial strategy for banks that want to stay competitive.

Beyond that motivation, though, banks can realize new opportunities and benefits through moving to digital transactions. For instance, banks can use digital payments as a path to reach new customers—ones they didn’t have access to in their traditional operations. Banks can also increase their fee and interest income by going digital and can extend their value proposition to existing customers. By streamlining approval and agreement processes, and by providing customers with a modern digital interactive experience, banks can help ensure customer loyalty and keep customers coming back for more.

The advantages of digital transactions for real estate agents

In the real estate market, time is definitely of the essence. And this essence is measured in increasingly smaller increments. By going digital, real estate agents can save crucial time—time that can make the difference between closing the deal and losing out.

Provide customers with a great experience—familiar, easy-to-use applications and unbeatable convenience.

Insurance agencies and digital transactions

Switching to digital transactions in the insurance industry can have an enormous impact on productivity and on customer service. Imagine paperwork replaced by its digital equivalent—resulting in increased efficiencies, fewer errors, and a greatly improved customer experience.

Improved customer experience, with document-signing available anywhere, anytime, and from any device.

Stay competitive and reach new markets

Digital transactions are a key component of staying competitive in today’s ever-evolving marketplace. Going digital helps companies reach new customers, create new and enhanced customer experiences, greatly improve the efficiency and accuracy of their business processes, increase the productivity of their workers, and add to their profitability. Learn more about the potential of digital transactions by exploring the resources below.